More central banks plan to cut their dollar holdings than increase them over the next decade for the first time, according to a global survey cited by CNN
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More central banks plan to cut their dollar holdings than increase them over the next decade for the first time, according to a global survey cited by CNN
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- The survey was carried out by the Official Monetary and Financial Institutions Forum (OMFIF), an independent research group headquartered in London. It was conducted between March and May, and includes responses from 74 central banks around the world.
- It noted, however, that the dollar “still dominates portfolios and is expected to do so for the foreseeable future.” The dollar has remained at around 58% of central banks’ allocations over the past five years, OMFIF head of research Andrea Correa told CNN.
- Meanwhile, the rise in geopolitical risk is driving up demand for gold. A record share of central banks said they plan to increase investments in gold, even as prices have surged more than 20% from a year ago.
- Gold “has moved to the centre” of strategies to manage countries’ asset pools, it added. Some 51% of central banks cited protection against geopolitical risk, up 11% from 2024.
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